Market Overview

Molycorp Tanks on Q3 Earnings Miss

Shares of Molycorp (NYSE: MCP) are trading lower in the after-hours following the release of the company's Q3 earnings results. Currently, shares are lower by 7.36%, trading at $35.85; they ended the regular session lower by 2.35%, at $38.70.

Molycorp reported Q3 EPS of $0.67 on revenues of $138.1 million; the Street was looking for $0.68 per share on revenues of $152.12 million. Revenues increased 1,524.7% year over year.

"During the third quarter, we achieved record sales, margin, and income," said Mark Smith, Molycorp President and Chief Executive Officer. "This is a phenomenal accomplishment by our Molycorp family, particularly as we have simultaneously announced accelerated plans for Project Phoenix Phase 1 and 2 at Mountain Pass."

Other milestones during Q3 and the first several weeks of Q4 included the company's $20 million investment in Boulder Wind Power and its acquisition of the remaining Molycorp Sillamae shares for $10 million.

Molycorp, Inc. is a rare earth oxide producer in the Western hemisphere and owns a rare earth project outside of China. The company is in development stage. The company focuses to be an integrated producer of rare earth products, including oxides, metals, alloys and magnets.

Posted-In: Earnings News After-Hours Center

 

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